All businesses now focus on customer retention. Yet, did you know that this wasn’t even seen as important in the 90s? Today, retention and satisfaction are key benchmarks for success! Yet, at the same time, it seems the focus is shifting again. This focus is on innovation, and a goodis now vital in any business. This is because of two key reasons:
- Technology is always developing, and systems are becoming increasingly smart at linking information all over the world together.
- Metrics have been developed that better show what the impact of retention, satisfaction, and engagement actually is.
Crowdsourcing Is Now of Strategic Importance
Innovation has always been part of R&D departments. Today, however, it is integrated across the board. One innovative idea is the collecting of new ideas, talent, and skills, and this can be done through crowdsourcing. Let’s take a look at a few of the key changes seen in the world of business in relation to innovation.
- Technology has changed to enable people to submit ideas in terms of how processes can be improved in their company. In fact, external stakeholders can even access these systems and share their ideas, which is perhaps the purest example of crowdsourcing.
- New innovation metrics have enabled organizations to actually determine whether ideas are viable or not. This has enabled far more ideas to actually be implemented, which in turn has increased the excitement of people wanting to take part in it. The right metrics are very important, however, or they may as well be useless.
RELATED ARTICLES :
- Barracks to Business: Translating Earlier Acquired Skills To Business
- Equipment Financing Myths
- 3 Ways to Determine the Market Value of Your Commercial Property
- How to Earn Maximum Interest from your PPF Account
- 5 Simple Ways to Start Improving Your Finances Today
Looking Towards the Future
The theory ofis constantly developing and changing. Today, there are advanced metrics and standardized terms, and even those are changing regularly. The result of that, however, is that academia and companies have been able to dig deeper into research in order to better understand what makes a customer tick, how crowdsourcing can improve a business, and why innovation is so important. It is through this research that it is now known that customer service is no longer a standalone service, but rather something that should be incorporated in full throughout the organization.
Now is the time to crowdsource for new ideas, and those who don’t engage in it will find themselves left behind. The challenge for companies now is on finding ways to ensure innovation is completely open and transparent for everyone involved – including customers. This can be achieved through crowdsourcing software. At the same time, however, companies have to determine, and how those can be measured. It is companies who are now engaging in innovation and crowdsourcing that are best able to determine how it is helping their company grow. In so doing, they will also be best equipped in terms of knowing which resources should be allocated and where in order to further their own company. Crowdsourcing equals openness and openness equals the future of customer service.